Sunday, September 19, 2021

Electric Cars for Everyone? Not Unless They Get Cheaper. - The New York Times

Last updated Monday, August 9, 2021 03:00 ET , Source: NewsService

SAN DIEGO — Robert Teglia bought a Tesla Model 3 sedan even though he knew it cost more than many luxury cars. He didn’t particularly care that it might be better than the others for the environment.

Mr. Teglia, a commercial real estate appraiser in San Diego, tallied the costs of a gasoline vehicle and a Tesla, and he realized that even after paying more to buy a battery-powered car, he would end up saving money on gas and maintenance.

“I’m a Tesla buyer who didn’t buy it for altruistic reasons,” Mr. Teglia said. “I bought it just because I think it’s awesome.” His wife, Dianne, bought one, too.

Their decision illustrates the challenge President Biden and automakers face as they push Americans to go electric to help address climate change. These cars cost much more than gasoline vehicles, which can make it hard for people who want to buy an E.V. — regardless of reason — to purchase one.

At the high end, a Tesla Model S starts at more than $80,000, and at the low end, a Chevrolet Bolt starts at $31,000 — nearly $10,000 more than a larger gasoline-powered sedan like the Chevy Malibu.

A federal tax credit can lower the sticker price by as much as $7,500, but it no longer applies to Tesla and General Motors models. In addition, some Americans do not owe enough in income taxes to take advantage of the credit, and others can’t manage to pay thousands of dollars in anticipation of a refund the following year.

As a result, many Americans cannot buy one E.V., let alone two like...

Read Full Story: https://www.nytimes.com/2021/08/09/business/energy-environment/biden-electric-cars-cost.html

Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.